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Republic of Palau Partners with Ripple to Develop the Country’s First National Digital Currency

CryptocurrencyNov 25, 2021 02:30AM ET
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Republic of Palau Partners with Ripple to Develop the Country’s First National Digital Currency

The world’s first national digital coin could come to the decentralized public blockchain XRPL in 2022.

Ripple is a technology that works as the cryptocurrency XRP and a digital payment network for financial transactions. The company announced a partnership with Micronesia’s region Palau in the western Pacific Ocean.

The partnership will focus on developing strategies for cross-border payments and cryptocurrency adoption. Ripple plans to provide Palau with full support on implementing the first government-backed stablecoin.

“The first phase of the partnership will focus on a cross-border payments strategy and exploring options to create a national digital currency, providing the citizens of Palau with greater financial access,” said the President of Palau Surangel Whipps, Jr.

According to Ripple, the company is the leader in energy-efficient transactions and is experienced in blockchain technology and global payment systems. The XRP Ledger provides an open-source foundation to produce the most challenging projects without posing threats to the environment.

“We have a wonderful opportunity to bring together our technology and experience with the unique characteristics of Palau to make a real economic and social impact for the country,” James Wallis, the Vice President of Ripple stated.

On The Flipside

  • The price volatility of cryptocurrencies can cause issues for the citizens of Palau.

Why You Should Care?

XRP is the seventh most popular cryptocurrency, with over $56 billion in the market cap. Transactions through Ripple are settled within seconds and only cost minimal fees, compared to slow transactions and high fees charged by banks.

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Republic of Palau Partners with Ripple to Develop the Country’s First National Digital Currency
 

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